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Elop, Nokia's former boss, gets $33 million for early termination of contract

70% of the total severance payment has already been paid by Microsoft and the remaining 30% was to be given by Nokia as mentioned in their 2013 annual report.

May 1 2014, 12:36pm CDT | by

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Elop, Nokia's former boss, gets $33 million for early termination of contract
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Elop, Nokia's former boss, gets $33 million for early termination of contract

Stephen Elop, the former Nokia boss will be getting a whopping sum of 24.2 million Euros ($33.4 million) all in cash alongside the shares. This arrangement is to take place once he leaves the company, more than 25 percent higher than originally envisaged following a surge in its share price. The deal with Microsoft was announced in September where it was agreed that the Finish company would be sold off to Microsoft for 5.6-billion-euros.

Former Nokia boss Elop is also returning to the software giant and this took place soon after the deal between the two companies was closed on Friday. Considering what the share price of Nokia had been, Elop is entitled to around 18.8 million euros for the early termination of his contract. The severance payment of the former boss amounts up to over 4 million euros in cash and he recently stepped down to as Nokia chief executive in September. From then onwards, he had led the phone unit till the time the deal was finally closed.

The unit did not show impressive financial results and the operating loss widened to 306 million euros in the first quarter of this year. 70% of the total severance payment has already been paid by Microsoft and the remaining 30% was to be given by Nokia as mentioned in their 2013 annual report.

source: reuters

 

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<a href="/latest_stories/all/all/32" rel="author">Ahmed Humayun</a>
Ahmed Humayun is a technology journalist bringing you the hottest tech stories of the day.

 

 

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